Don't be bullied by Banks and Lenders

As the number of homeowners defaulting on their home loans in Utah increases and the foreclosure rate in our state continues to rise, it has become clear that the need for change and educating homeowners must rise higher.

Many of these foreclosures are the result of the failing economy, job market and the sub prime lending practices of the banks. Homeowners trusted loan officers when being told that an Adjustable Rate Mortgage was a good avenue to get into the home with the promise of refinancing at the time the interest rate would adjust. This promise, sales tactics and quite frankly increased bonus programs for the loan officers have devastated homeowners and more importantly families.

It has become the sad truth that most of these families will throw up their hands and walk away from their homes, usually after being bullied with collection tactics while trying to work with the banks. Most are to embarrassed to ask for help before its too late or just don't know where to turn. Although most homeowners that come to NHRAP have tried to the point of exhaustion for one or two years to work with their banks to save their homes, most ending up in a bogus agreement that benefits only the bank.

Greg Mauer and Rebecca Roberts and their staff at the National Home Retention Advocacy Program are working feverishly to change that. Through their program of educating homeowners as well as lobbying to make a change in the foreclosure laws in Utah, Greg and Rebecca hope to make the public aware of the options available to those at risk of losing their homes and provide assistance to homeowners and families in the process.

Currently, Greg and Rebecca along with their staff and volunteer at NHRAP are obtaining signatures to request that Mediation become mandatory in Utah before a bank can foreclose on a homeowner. Through the mediation process they propose that a homeowner could elect to mediate, face to face, with a representative of their bank at the mediation table. The benefits include being able to resolve a default situation in a matter of hours, rather than months or even years; it also helps decrease the number of foreclosures in our neighborhoods. This process has proven successful in other states hard hit by the foreclosure market.

Homeowners need to understand that there are no guarantees in anything when dealing with the banks, but throwing your hands up in defeat (and walking away from the security of the home that you have worked so hard to provide for your family) is not the answer.

There is help! Creating NHRAP is what Greg Mauer and Rebecca Roberts have done to take a step towards offering education and the help so desperately needed by hundreds of homeowners and families in distress.

You can learn more about NHRAP by visiting their website at NHRAP.com